SNG: Egypt: EFIC ordered to pay over $2.65mln as penalties

About this update from Egyptian Financial & Industrial Co.

Staff WriterThe Egyptian Financial and Industrial Company (EFIC) is required to pay EGP 126.33 million and $1.68 million as penalties for two shipments, according to a recent bourse filing.The Cairo Regional Centre for International Commercial Arbitration (CRCICA) has issued an arbitral award in favour of Heliopolis, which called for two shipments of granulated mono-phosphate fertilizer.On the other hand, EFIC has filed a lawsuit to annul the arbitral award and has initiated other legal proceedings against Heliopolis and Heliogri, which acknowledged receipt of the shipments.During the first nine months (9M) of 2025, EFIC registered an annual drop in consolidated net profits after tax to EGP 803.14 million, compared with EGP 1.32 billion.All Rights Reserved - Mubasher Info © 2005 - 2025 Provided by SyndiGate Media Inc. (Syndigate.info).Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

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